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Appointments

Deepak Malik replaces Monish Dutt as Ecobank Transnational Incorporated Director 

The Board of ETI has appointed Deepak Malik as a Non-Executive Director of the parent company of the Ecobank Group.

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Deepak Malik replaces Monish Dutt as Ecobank Transnational Incorporated Director 

The Board of Ecobank Transnational Incorporated (ETI) has appointed Deepak Malik as a Non-Executive Director of the parent company of the Ecobank Group.

The Details: Malik joined the ETI Board of Directors as a nominee of Arise B.V. (“Arise”) which currently holds a 14.1% equity stake in ETI following its purchase of shares previously held by IFC and the funds managed by the IFC Asset Management Company in August 2019.

This development is coming immediately after the resignation of Monish Dutt as a Director of ETI following his nomination for the same position by International Finance Corporation (IFC).

Deepak Malik replaces Monish Dutt as Ecobank Transnational Incorporated Director 

In a statement released by the Group to the Nigerian Stock Exchange (NSE) and signed by its company secretary, Madibinet Cisse, the board conveyed its gratitude to Dutt who contributed immensely to the success of Ecobank Transnational Incorporated while in office.

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Profile of Deepak Malik: Since January 2017, Deepak Malik has been the Chief Financial Officer of Arise whose core mandate is to partner with sustainable financial service providers to advance financial inclusion in Africa.

[READ MORE: IWEC Foundation appoints FirstBank’s Ibukun Awosika as new president of its Board of Directors]

Prior to joining Arise, Mr Malik was part of the management team at Norfund, a Development Finance Institution where he held the positions of Head of Southern Africa Office and Head of Department, Financial Institutions, for over 13 years. In these roles, he had overall responsibility for Norfund’s financial institutions portfolio in the Sothern Africa region, Central America and South Asia.

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Mr Malik has also been the Regional Representative of the Investment Fund for Developing Countries (IFU), which is the Danish Government’s investment arm for developing countries, Managing Director of the Development Bank of Zambia. He held senior executive positions at Zambia Consolidated Copper Mines.

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He is currently on the Board of Directors of various financial institutions.

Mr. Malik is a Fellow of the Institute of Chartered Accountants, India, and has a Bachelors’ Degree in Commerce (Honours) from the University of Delhi, India.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Appointments

UACN Property Development Company Plc appoints Wole Oshin as Chairman

Mr. Wole Oshin has been announced as the new Chairman of UACN Property Development Company Plc.

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Custodian Investment Plc. announces board meeting and closed period, Custodian Investment Plc. announces board meeting and closed period

Mr. Wole Oshin has been announced as the new Chairman of the Board of Directors of UACN Property Development Company Plc (UPDC).

UPDC Plc has announced the appointment of Mr. Wole Oshin as the new Chairman of the company with immediate effect, following the resignation of the former Chairman, Mr. Babatunde Kasali from the Board.

The appointment was confirmed in a letter by the company dated 27th January 2021, and available on the NSE website – corporate disclosure. The letter was signed by the company’s Secretary/Legal Adviser, Mrs. Folake Kolaro, on behalf of UPDC Plc.

The announcement noted that Mr. Wole Oshin is one of the two Non-Executive Directors appointed on the 4th of January 2021.

What you should know

  • Wole Oshin is the Managing Director of Custodian Investment Plc. Mr. Oshin sits on several Boards including the International Insurance Society [IIS], New York and Nigerian Insurers Association. He is also an Advisory Board Member of the Common Wealth Enterprise and Investment Council (United Kingdom).
  • UPDC is the largest real estate platform listed on The Nigerian Stock Exchange. The Company has been involved in property acquisition, development, sales and management of quality and affordable residential, commercial, and retail properties in Nigeria for over 20 years.
  • In 2020, Custodian Investment PLC acquired 51% of UPDC’s issued share capital from UAC of Nigeria PLC and is now the Company’s largest shareholder.

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Appointments

International Energy Insurance appoints Ebunolu Ayeni as acting MD/CEO

International Energy Insurance Plc announces the appointment of Ebunolu Ayeni as acting Managing Director/CEO.

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Insurance in Nigeria, FBN Holdings Annual general Meeting, FBN General Insurance Limited CEO Bode Opadokun, FBN General Insurance Limited 2018 financial result

International Energy Insurance has announced the appointment of Mr Ebunolu Ayeni as the new acting Managing Director of the firm, following the retirement of his predecessor, Mr Peter Irene.

This is according to a disclosure signed by the firm’s secretary, Adeyinka Hassan and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

The appointment of Mr Ebunolu Ayeni is sequel to the resignation of Mr Peter Irene, who until his resignation on December 20, 2020, was the Managing Director/ CEO of the firm. According to the notification, Mr Ayeni has immediately taken over the leadership of management in an acting capacity, in order to fill the void, pending the approval of the National Insurance Commission for the appointment of a substantive Managing Director.

Mr Ayeni is an alumnus of the University of Lagos, where he obtained a BSc. Degree in Insurance. He also has a Master’s degree in Marketing and Management from Ladoke Akintola University and Enugu State University respectively.

In terms of professional membership, Mr Ayeni is a fellow of the Insurance Institute of Nigeria, a member of Nigeria Council of Registered Insurance Brokers and the Institute of Loans and Risk management, Nigeria.

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What you should know

  • International Energy Insurance Plc provides insurance solutions to the energy sector. The company’s scope include; oil and gas, engineering/car, bond and finance among others.
  • International Energy Insurance Plc share price closed trading on 25th of January, 2021 at N0.38.

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Appointments

AFEX appoints Kamaldeen Raji as MD of AFEX Fair Trade Limited

Mr Kamaldeen Raji has been appointed as the Managing Director of AFEX Fair Trade Limited.

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AFEX appoints Kamaldeen Raji as Managing Director of AFEX Fair Trade Limited

Leading commodities market player, AFEX has announced the appointment of Kamaldeen Raji as the Managing Director of AFEX Fair Trade Limited (AFEX Fair Trade).

This information was contained in an exclusive disclosure sent to Nairametrics today the 25th of January 2021.

According to the information contained in the press statement, the appointment is in line with AFEX’s mandate of strengthening trade infrastructure for Nigeria’s commodities market, while providing support for smallholder farmers, who are key players in the agricultural value chain.

What they are saying

The CEO of AFEX, Ayodeji Balogun, who commented on the appointment of the New Managing Director, said:

  • “I am delighted to have Kamaldeen stepping into the leadership at AFEX as the Managing Director of AFEX Fair Trade. This is in alignment with AFEX’s five-year strategy that consolidates the best aspects of our business into business units that will deliver impressive wins in trading, financing and market system development for Africa’s commodities market.”

Kamaldeen Raji, Managing Director, AFEX Fair Trade limited said:

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  • “AFEX has delivered on its promise for a working commodities exchange model for West Africa after six years of operations in Nigeria. I am excited to join the executive leadership to contribute to our next five years as a business.”
  • “As I drive our strategy to reach one million farmers and expand our national storage capacity to 500,000 MT over the next five years, AFEX Fair Trade will build on the success of previous years.”
  • “Through AFEX Fair Trade, AFEX will continue to contribute to impact metrics that align with the United Nation’s Sustainable Development Goals (SDGs) 1, 2, 5, and 8; no poverty, zero hunger, gender equality, and decent work and economic growth.”

Kamaldeen prior to his appointment as the Managing Director of AFEX Fair Trade Limited had previously served in Commercial Manager’s capacity for AFEX. This position monitored all commercial partnerships with a focus to drive revenue activities and growth opportunities.

It is important to note that, AFEX Fair Trade is one of AFEX’s business units, responsible for commodities trading and storage, the company is charged with the task of providing extension services to farmers in a bid to boost their productivity and incomes across all segments of the agricultural value chain.

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